Decline in Dogecoin Volume and Whale Activity
Recent on-chain data indicates a decline in Dogecoin volume and whale activity, suggesting a lack of investor interest in the memecoin.
Dogecoin Transaction Volume and Whale Transaction Count
An analyst has pointed out that DOGE trading activity has decreased. Two relevant on-chain metrics are the Transaction Volume and Whale Transaction Count.
The Transaction Volume measures the total amount of Dogecoin involved in daily transactions, indicating trading interest in the asset. A low value suggests little volume on the blockchain, implying low interest.
The Whale Transaction Count measures the number of transfers on the network worth at least $1 million. It provides insight into the activity of large entities, or whales, who can influence the market.
Trends in Transaction Volume and Whale Transaction Count
A chart depicting the trend in Dogecoin Transaction Volume and Whale Transaction Count shows spikes during periods of volatility. Currently, with fewer transactions occurring, the cryptocurrency’s price is expected to range in the coming days.
However, any significant changes in these indicators may indicate a sharp price move. As these metrics only track trading activity rather than buying or selling, volatility resulting from spikes can push the price in either direction.
DOGE Price
While Bitcoin and other top digital assets have seen profits recently, Dogecoin’s returns have remained flat. The current trading level for DOGE is around $0.08.
Hot Take: Decreased Interest in Dogecoin Raises Concerns
The decline in Dogecoin volume and whale activity raises concerns about waning interest among investors. With limited transactions and stagnant returns, it remains to be seen if DOGE can regain momentum in the future.
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